Binh Dinh terminates delayed projects

September 10, 2013 | 10:50

(0) user say

Binh Dinh province management authorities have recently revoked investment certificates of three different projects due to unacceptable delays.

Emerald of Vietnam, a $125 million luxury resort in Nhon Hoi Economic Zone (EZ) by Russian investor ALT, made almost no progress over the last three years since being licensed.

Local authorities gave them a deadline of June 30 to submit plan scale documents, which they did not meet.

Another, capitalised at $285 million, was a general port and associated logistics project by state shipping firm Vinalines.

The third was a $1 million infrastructure and telecom services project by EVN Telecom, now merged with telco giant Viettel.

Besides these projects, a number of other projects were warned repeatedly about delays and the province has continuously struggled with tardy investors.

Vinh Hoi resort by US-backed Viet My Hotel and Tourism Company Limited was licensed in 2007 at $250 million. It would include an international convention centre, hotel, golf course, and villas and was slated to finish next year.

The project hasn’t made it off paper though due to land acquisition woes.

“We are doing our best to speed up land acquisition to support our investors in realising their projects,” said the head of Binh Dinh EZ Authority Man Ngoc Ly.

Other delayed projects that received a warning included Korean garment exporter JWD Industries, Phong Mai wind power plant and the Trung Hoi and Tan Thanh resorts.

Ly warned that if these investors did not see progress by the end of this year, authorities would revoke their certificates as well.

By By Ha Nguyen

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional